Wednesday

Wednesday stocks report was bullish to the grains, and bullish to me for the long term big picture as well.  We have the luxury of harvest to keep prices somewhat in check for the next several weeks, but new export sales take on more significance now.  Corn up 15 1/4 to 379.  Most of the volume post report was 378-382, so we actually settled near the lower end of volume.  Also, the expected month and quarter end buying to dress up really didn't carry any steam.  I'm leaning towards some of the shorter term systems taking a quick buck to the bank, but remember that they will be back and house money to spend.  Same story in beans, 30 1/2 cents higher close, but in the lower area of where the post report volume traded, 1023 1/2.  Wheat lit it up for 28 1/2 cents as well, 578.  We were up here a couple Fridays ago and it was thin air, but I'd say this climber has adjusted to the altitude a bit better now.    Rice not on the report and feels to have a small commercial seller with a thumb on it, but a buyer to catch any lower sales, so we sit stagnant, 1247 1/2, minus 3 1/2.   Dow daily chart positive with a lot of room to run, and we are above the middle keltner, 27,664, plus 256.  Bonds off 30 tics, 176.09.  The 175-177 handle stagnation has taken on a life of its own, and I wouldn't fade a breakout in either direction, especially to the upside between now and the election.  Speaking of the election, nothing is in the bank, as there is always an October surprise.